I would like to thank Senators Baucus and Crapo for their leadership in helping secure passage of this measure, said Chris W. Cox, NRAs chief lobbyist. "Firearm and ammunition manufacturers were unfairly mandated to pay their excise taxes biweekly while all other manufacturers paid their taxes quarterly. This was an undue burden on the industry. In addition to being equitable, the change to a quarterly excise tax payment schedule will allow manufacturers to reinvest funds into researching and developing new products, purchasing new manufacturing machinery and creating jobs without establishing a new tax, adding to the burgeoning federal deficit, or using any bailout money.

The Joint Committee on Taxation has estimated that this legislation will create a net revenue increase of $4 million over ten years. Accordingly, S. 632 will increase funding for wildlife conservation through the Pittman-Robertson Wildlife Restoration Trust Fund. The Pittman-Robertson Wildlife Restoration Trust Fund, established by enactment of federal legislation in 1937, authorizes the development of wildlife restoration projects across the country. This legislation will neither raise taxes nor exempt firearm and ammunition manufacturers from paying federal excise taxes into the Pittman-Robertson Wildlife Restoration Trust Fund.

H.R. 5552, the House companion of S. 632, passed in the U.S. House of Representatives on June 29 by 412-6 margin with only a handful of congressmen -- John Conyers (D-MI), Sam Farr (D-CA), Dennis Kucinich (D-OH), Jerry Nadler (D-NY), Ron Paul (R-TX) and Maxine Waters (D-CA) -- voting against this common-sense measure. To view this roll call vote, click on: http://clerk.house.gov/evs/2010/roll400.xml.

ROTFL With tendonitis creeping into my hands I have become more careful not to make posts that might require a dozen mea culpas to all the people TOO LAZY to read the replies or click on the “replies” button under the post in question. ;^)

30
posted on 01/23/2012 4:15:28 PM PST
by TigersEye
(Life is about choices. Your choices. Make good ones.)

I feel your pain. Don’t know what got into me. Could be because my bride has been watching the Ophra channel all afternoon about Ryan O’Neill and Farrah Fawcett. Whee! Sometimes you just have to turn a deaf ear, something I’ve learned during 48 years of marriage.

32
posted on 01/23/2012 4:24:15 PM PST
by Jukeman
(God help us for we are deep in trouble.)

You may be right in your guess that Paul voted against it as a protest against the tax, but there are a couple of other possibilities.

Ron Paul and the NRA have a bit of a history of antagonism because he views them as too eager to compromise and they view him as a nut.

The bill summary suggests another reason or two:

8/16/2010--Public Law. (This measure has not been amended since it was passed by the House on June 29, 2010. The summary of that version is repeated here.) Firearms Excise Tax Improvement Act of 2010 - Amends the Internal Revenue Code to require: (1) excise taxes on recreational equipment to be due and payable on the date for filing the return for such taxes (i.e., quarterly); and (2) the Secretary of the Treasury to assess and collect, in the same manner as delinquent taxes are assessed and collected, mandatory orders of restitution for victims of crime. Increases by 0.25% in the third quarter of 2015 the estimated tax payments of corporations with assets of not less than $1 billion. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

The bolded bit contains a couple of things he might question. What is that 2015 estimated tax payment increase for big corporations doing in there?

Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.